Adobe (NASDAQ:ADBE) Trading Down 2.1% – Here’s What Happened

Adobe Inc. (NASDAQ:ADBE) shares were down 2.1% on Tuesday . The company traded as low as $504.80 and last traded at $506.70. Approximately 767,471 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 3,228,937 shares. The stock had previously closed at $517.78.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ADBE shares. Piper Sandler Companies reissued an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Bank of America reissued a “buy” rating and issued a $640.00 price target on shares of Adobe in a research note on Friday, September 13th. TD Cowen cut their price target on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a report on Monday, June 10th. Oppenheimer reiterated an “outperform” rating and set a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Finally, StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Trading Down 0.4 %

The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market cap of $223.38 billion, a price-to-earnings ratio of 45.41, a PEG ratio of 2.72 and a beta of 1.29. The firm has a 50 day moving average price of $543.02 and a two-hundred day moving average price of $516.45.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the business earned $3.26 EPS. The company’s revenue was up 10.6% compared to the same quarter last year. As a group, equities analysts forecast that Adobe Inc. will post 14.79 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,759 shares of company stock worth $17,642,653. 0.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Private Client Services LLC lifted its holdings in Adobe by 10.0% during the third quarter. Private Client Services LLC now owns 3,642 shares of the software company’s stock worth $1,886,000 after acquiring an additional 331 shares during the period. Apella Capital LLC increased its position in shares of Adobe by 6.2% during the 3rd quarter. Apella Capital LLC now owns 631 shares of the software company’s stock valued at $319,000 after purchasing an additional 37 shares during the last quarter. Canandaigua National Bank & Trust Co. raised its stake in shares of Adobe by 10.8% during the 3rd quarter. Canandaigua National Bank & Trust Co. now owns 7,005 shares of the software company’s stock worth $3,627,000 after purchasing an additional 685 shares during the period. Unique Wealth LLC boosted its holdings in shares of Adobe by 17.0% in the 3rd quarter. Unique Wealth LLC now owns 3,526 shares of the software company’s stock worth $1,826,000 after buying an additional 512 shares during the last quarter. Finally, Czech National Bank grew its position in Adobe by 5.8% during the third quarter. Czech National Bank now owns 90,325 shares of the software company’s stock valued at $46,768,000 after buying an additional 4,954 shares during the period. 81.79% of the stock is owned by institutional investors.

Adobe Company Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.